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Portland - Beaverton - Hillsboro - Lake Oswego - Tigard

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How Does Your Credit Score Impact Buying Power?

 Can you buy a home in Portland with low credit? The answer is yes, but there are a few steps you’ll need to take first.

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Some people aren’t aware of how important their credit score is when it comes to purchasing a home. A credit score needs to be high enough to qualify for the loan program they are trying to get approved for. So can you buy a home in Portland with a low credit score? The answer is yes. From about 2000 to 2007, basically all you would need to do to get a stated income loan was tell your lender what you made without having to prove it and they wouldn’t do a credit check. Luckily, those are no longer available. People now have to be qualified for a home, and credit scores are key in getting that done.

Your credit score plays a huge role in if and how you qualify for loan programs.
We want to get you started by connecting you to the right people. We work very closely with Fairway Independent Mortgage, specifically Pete Wease, and we would love to refer him to you. Pete will sit down with you and discuss the many programs available and take a look at your score. If your score is low, he will help you figure out a strategy to bring it up and in turn get you a better interest rate. To reach Pete, you can call (503-267-6391) or email him at petew@fairwaymc.com. There are so many different loan programs that you can take advantage of as well. There are low money down programs, some grant programs with no money down, and conventional loans with still historically low interest rates. Your credit score plays a huge role in if and how you qualify for those loan programs, and Pete and I want to make sure we can get you prepared to take action in the spring market. If you have any other questions please feel free to call me or send me a quick email. I’m here to help!

Why Do You Need a Real Estate Professional?

 I’m here to break down five reasons you should always hire a professional to represent your real estate needs.

Selling your Portland home? Check out our free home value report
Buying a Portland home? Search all homes for sale

Whether you are looking to buy or sell a home, you don’t want to try to tackle the market alone. I’ve put together a list of five reasons why hiring a real estate professional is always better than trying to go it alone.
1. Paperwork. There is much more paperwork that goes into buying or selling a home than there used to be. A transaction of this size requires more than a single sheet of paper. There is a lot of information contained in the paperwork that you should be aware of, and a real estate professional will help you navigate that.
2. Experience. Having someone who is educated and highly experienced is key.
3. Negotiations. Having someone help you negotiate who isn’t swayed by emotion will make sure you get the best deal whether you are buying or selling.

Having someone who is educated and highly experienced is key.
4. Pricing. Pricing is an art. There are a lot of tools that can help you determine pricing. However, to make sure your home is priced correctly and in order to sell in a brief amount of time, you need to make sure a professional is pricing your home.
5. Understanding of current market conditions. We shift in and out of buyer’s and seller’s markets, and hiring someone who understands those shifts will provide you with a solid foundation to either look for a home on the market or sell a home on the market.
If you have any questions please feel free to give me a call or send me an email. I look forward to hearing from you!

Things for Millennial Home Buyers to Consider

 More and more home buyers are entering our market each day. Many of these buyers are part of the newest and strongest segments of buyers—millennials.

Selling your Portland home? Check out our free home value report
Buying a Portland home? Search all homes for sale

There is one specific segment of buyers that is making our market extra exciting. These buyers are part of the millennial generation (ages 18-34) and they are an integral part of our market. They will continue to be an integral part for the foreseeable future.
As you can see in the video above, the age groups with the highest percentage of people who associate homeownership with the American Dream are those in the 65+ generation and millennials. Business Insider, who did this study, also did a study that examined when these buyers plan to purchase. Over the next five years, over 60% of millennials plan to enter the market. They are going to continue fueling our market going forward.
We don’t see a slowdown coming at all. If you are looking for a larger home or to get out of your rental situation, now is a smart time to do that. We expect significant appreciation to continue for the next few years.
As for first-time home buyers, many are misinformed about how much it actually costs to buy a home. In fact, 73% of millennials are unaware of the fact that there are many down payment assistance programs available that will allow them to get into a house for just 3% to 5% down. That number can be even lower by taking advantage of certain grant programs that are available.

More and more millennials are choosing to buy.
Buying a home can be very cost-effective in the long term, and millennials are realizing this.
If you’re looking to buy and want to begin the process, a study by the National Association of Realtors showed that 89% of millennial real estate participants used a Realtor. As a buyer, it costs you nothing for competent, professional representation in a real estate transaction.
If you are thinking about buying or selling, give us a call or send us an email. We would love to speak to you about your specific situation and answer any questions you may have. We look forward to hearing from you soon!